Commissioner’s speech highlights ATO’s focus areas
Recently, the Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus.
The areas in which the ATO has recently increased its focus includes:
individuals' unexplained wealth or lifestyle;
incorrectly claimed private expenses;
unpaid superannuation guarantee; and
cash-only businesses and those with low usage of merchant banking facilities, with black economy visits to over 2,600 businesses across 8 locations in 2017.
The Commissioner also highlighted ongoing ATO concern with respect to the predicted 'work-related expense claim gap', which (at least by the ATO’s estimates) could amount to being greater than the 'large corporate tax gap' of $2.5 billion of lost revenue.
If you would like to discuss this please contact our office.